GLBL did not let me down they blew through earnings. They had huge growth over last year. GLBL is really on track for a great 98.
Global Industries, Ltd. Announces Results for Third Quarter of Fiscal 1998.
LAFAYETTE, La.--(BUSINESS WIRE)--Feb. 5, 1998--Global Industries,
Ltd. (NASDAQ: GLBL) reported net income of $16.9 million, or $0.18 per
share, for the third fiscal quarter which ended December 31, 1997.
This represents a 109% increase over the same quarter a year earlier,
when Global reported net income of $8.1 million, or $0.10 per share.
Net income for the nine months ended December 31, 1997, was $46.3
million, or $0.49 per share, a 70% increase over the $27.2 million, or
$0.34 per share, for the same period a year earlier. All per share
amounts are reported on a diluted basis and have been adjusted as
appropriate for all previously announced stock splits.
Revenues for the third quarter of fiscal 1998 totaled $120.4
million, an increase of 112% when compared with $56.8 million for the
same quarter a year earlier. For the nine months ended December 31,
1997 revenues increased 63% to $292.4 million from $179.5 million for
the same period a year earlier. Overall operating activity, measured
by barge, liftboat, DSV and diver days, was higher when compared to
the same quarter and nine month periods a year earlier. The recently
completed acquisition of operations and assets from Sub Sea
International, Inc., the addition of two new liftboats late in fiscal
1997, and the addition of barge days from Mexico are also reflected in
the current periods.
Chairman and CEO Mr. William J. Dore' said, "The results of our
current quarter reflect very active domestic operations. Domestic
diving, liftboats, and pipeline operations continued to be busy
throughout the quarter. We continue to strategically position our
international operations, but have experienced decreased activity in
West Africa in the current fiscal year. Based on contract awards in
West Africa for fiscal 1999, we anticipate increased activity next
fiscal year.
Global Industries, Ltd., whose shares are traded on the NASDAQ
National Market System under the symbol "GLBL," provides construction
services, including pipeline construction, platform installation and
removal, and diving services, primarily to the offshore oil and gas
industry.
STATISTICS - Global Industries, Ltd. (GLBL) 1997 1996
(Unaudited, in thousands, except per share and operating data)
Quarter ended December 31,
Revenues $120,435 $ 56,776
Operating income $ 27,278 $ 11,247
Net income $ 16,867 $ 8,072
Net income per share:(a)
Basic $ 0.18 $ 0.11
Diluted $ 0.18 $ 0.10
Operating data:
Barge days 953 467
Liftboat and DSV days 2,801 1,351
Diver days 12,291 4,410
Nine months ended December 31,
Revenues $292,383 $179,539
Operating income $ 73,152 $ 38,820
Net income $ 46,321 $ 27,232
Net income per share:(a)
Basic $ 0.50 $ 0.36
Diluted $ 0.49 $ 0.34
Operating data:
Barge days 2,321 1,374
Liftboat and DSV days 6,972 4,023
Diver days 32,903 12,900
(a) After giving effect to the two-for-one-common stock splits
effected in August 1996 and October 1997.
on current information and expectations of the Company that involve a
number of risks, uncertainties, and assumptions. Among the factors
that could cause the actual results to differ materially are: industry
conditions, prices of crude oil and natural gas, the Company's ability
to obtain and the timing of new projects, and changes in competitive
factors. Should one or more of these risks or uncertainties
materialize, or should the underlying assumptions prove incorrect,
actual outcomes could vary materially from those indicated.
CONTACT:
Global Industries Ltd., Lafayette
Michael J. McCann, 318/989-0000
KEYWORD: LOUISIANA TEXAS
BW0210 FEB 05,1998
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